Calculate cost of goods sold using specific identification

Assignment Help Accounting Basics

Reference no: EM132669676

Evans Company had the following transactions in the month of March involving purchases and sales of inventory:

March 1: Beginning Inventory 65 Units @ $60/unit

March 5: Purchase of 210 Units @ $64/unit

March 9: Sale of 200 Units @ $90/unit

March 18: Purchase of 65 Units @ $65/unit

March 25: Purchase of 95 Units @ $70/unit

March 29: Sale of 75 Units @ $100/unit

Required:

Problem A.) Calculate the cost of goods sold under the FIFO, LIFO, and Weighted Average methods.

Problem B.) Calculate cost of goods sold using the Specific Identification method. Assume the March 9 sale consisted of 40 units form beginning inventory and 160 units from the March 5 purchase. Assume the March 29 sale consisted of 20 units from the March 18 purchase and 55 units from the March 25 purchase.

Problem C.) Compute the gross profit earned under each of the four inventory valuation methods.

Reference no: EM132669676

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